If a hurricane were to wipe out the majority of the eastern seaboard in the United States:
A. neither the short-run nor long-run aggregate supply curves would be affected.
B. only the long-run aggregate supply curve would shift left.
C. only the short-run aggregate supply curve would shift left.
D. the long-run and short-run aggregate supply curves would both shift left.
Answer: D
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Nominal GDP is calculated by using
A. prices set in a base year. B. average prices in all major cities. C. current prices. D. prices charged by initial producers.
Higher prices may serve the public interest when
A. there is a shortage of goods or services available. B. there is an equal distribution of traffic on alternate routes. C. higher prices never serve the public interest. D. lower prices signal scarcity.
The Sherman Antitrust Act of 1890 prohibits:
a. monopolization. b. perfect competition. c. oligopoly. d. monopolistic competition.
A price increase will cause an increase in total revenue when:
A. the price effect outweighs the quantity effect. B. demand is perfectly elastic. C. demand is unit elastic. D. the quantity effect outweighs the price effect.